Saudi Arabian Airlines starts daily flights to Turkey’s Izmir

Saudi Arabian Airlines (Saudia) will fly its first direct flight to Tukrey’s Izmir on Wednesday. (AFP)
Updated 08 May 2018
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Saudi Arabian Airlines starts daily flights to Turkey’s Izmir

RIYADH: Saudi Arabian Airlines (Saudia) will fly its first direct flight to Tukrey’s Izmir on Wednesday, a new destination added to its seasonal service.
A daily service four-times-weekly from Jeddah to Izmir will start on Wednesday, according to the Saudi Press Agency.
And starting on June 10, Saudia will be running flights three-times weekly from Riyadh.
Flight SV251 will depart King Abdul Aziz International Airport in Jeddah at 10:10 local time Wednesday morning. The expected arrival time in Izmir is 13:35.
The return flight SV250 will take off at 15:05 Wednesday afternoon, to arrive in Jeddah at 18:30 in the evening.
The airline will operate the route with an Airbus A320 aircraft in a two-class configuration of 20 seats in business class and 96 seats in guest class (economy).
The flight duration from Jeddah to Izmir is three hours and 25 minutes nonstop, and three hours 55 minutes from Riyadh.
The Kingdom’s national carrier currently flies to 89 destinations across four continents and operates a fleet of narrow-body and wide-body Airbus and Boeing aircraft.


UAE’s Network International shrugs off Brexit to list shares in London

Updated 21 March 2019
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UAE’s Network International shrugs off Brexit to list shares in London

  • The planned share sale comes at an uncertain time in the UK
  • The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore

DUBAI: Network International, the UAE payments processor, has committed to a London IPO next month in what would be the UK’s first big share sale of the year.
The company intends to have a free float of at least 25 percent and admission to the London Stock Exchange is expected to take place in April, Network International said in a regulatory filing on Thursday.
The planned share sale comes at an uncertain time in the UK where there is still no clarity around whether Britain will leave the EU or not at the end of the month.
VPS Healthcare, the Abu Dhabi-based hospital operator, is reconsidering plans to list in London due to uncertainty surrounding Brexit, Bloomberg reported on Thursday citing a person familiar with the matter.
The company, which operates hospitals in the Middle East, was said to be also considering listing in the US or Singapore.
Emirates NBD, Dubai’s biggest bank, owns 51 percent of Network International while Warburg Pincus and General Atlantic jointly own the rest.
The share sale will be a key test of investor demand for new listings in London after a subdued 2018 across most European markets.
“Volatility has continued in recent months, driven by the uncertainty around trade between the US and China, the wider geopolitical climate and the potential end of the current bull run,” said Peter Whelan, partner and UK IPO Lead at PwC in a recent report.
“We are seeing a healthy number of companies preparing for an IPO in 2019 despite the ongoing Brexit negotiations which have clearly impacted IPO activity on the London market.”
The payment processor reported earnings of $298 million last year according to its website, up from $262 million a year earlier. It does not disclose net income figures.
The company handles digital payments across the Middle East, which generate three quarters of its total earnings.
Last year it processed some $40 billion in payments for more than 65,000 merchants.
Its key markets in the region include the UAE and Jordan it says that Saudi Arabia offers “significant opportunities.” It also offers services in 40 African countries with Egypt, Nigeria and South Africa being its most important segments on the continent.